Just Dial Raises $57 Million And Refrains From Going IPO Soon
The company now plans its IPO venture in the first quarter of 2013 but with this funding it plans to expand organically. It has raised this fund to explore all the 11 largest cities in India and go beyond that by focusing more on brand building than investing.
Just Dial uses platforms like phone, web, WAP and SMS to connect buyers and sellers by providing them with necessary information required. The total size of the issue is expected to be Rs 700 crores including this funding of Rs 360 crores which would make it the largest Indian internet company. Makemytrip had raised 326 crores which was the highest so far.
Other existing investors Norwest Venture Partners, Matrix Partners India and eBay Inc had also participated in this latest round of funding that took the monetary value up to $50 million or close to Rs 260 crores making it one of the most heavily funded consumer internet firms in India.
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